The owner of a vacant loft building in the Clinton Hill section of Brooklyn hopes to sell the property for $12 million after purchasing it for $2.5 million five years ago, Commercial Observer has learned.

TerraCRG is marketing the five-story building at 25-27 Lexington Avenue between Grand and Classon Avenues with approved plans in place to convert the empty building into a 23-unit, 30,024-square-foot luxury residential building, said Melissa Warren, a partner at the firm. The neighborhood marked by the Pratt Institute to the north and Barclays Center to the west will warrant the near-fivefold sales price increase, she said.
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One day after The plan was reportedly part of a list of concessions that Related Companies and Sterling Equities agreed to when seeking approval for the one-million-square-foot mall next to Citi Field, pledging $165,000 to help fund the start-up costs for the entrepreneurial space.

“The incubator we are creating will work to recruit local merchants Read More

Brooklyn’s Pratt Institute announced yesterday the launch of The Brooklyn Fashion and Design Accelerator, a 15,000-square-foot space in the former Pfizer building at 630 Flushing Avenue in Williamsburg that will provide low-cost space resources to launch high-potential startup ideas into businesses.

“The Accelerator is Pratt Institute’s vision for creating a bridge to success – a place where Read More

The sale was an off-market deal brokered by Sean Lefkovits, Joe Koicim and Peter Von Der Ahe of Marcus & Millichap; and the seller was a group of undisclosed Brooklyn-based investors that decided to part ways, sources said.
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